Hmm...cheap credit provided by a central bank...now where have I heard that before?

Spain’s debt hangover follows an era of cheap credit that the birth of a common currency helped create. When the eurozone economy was booming, investors buying euro-based bonds accepted the same interest rates whether the debt was floated by Germany or by Greece.

In Spain, those lower borrowing costs sparked a housing boom much like the buying and building frenzy unleashed by low rates in the U.S. The result was a windfall, in the form of building permits and fees, for Spain's regional governments. Those governments, in turn, took advantage of cheap credit to embark on their own building sprees, sinking billions of euros into new roads, parks, airports and government buildings to house expanded payrolls of government workers.

I'm sure "American Exceptionalism" will protect us from the reality of MATH.